It is easy to put off one of the most important documents that you will make in your lifetime – your Will.
Whilst we are all worried and concerned about what effect that Covid-19 will have on our families, friends and businesses, it may help you to get some peace of mind and make/update your Will.
You may already have a Will in place but when was the last time you reviewed it? Does it still benefit the correct people in your life, or have your wishes or financial position simply changed over time? This may be the time to revisit your existing Will and think about any changes that may be required.
We suggest that Wills are reviewed every 5-10 years, and particularly following a birth, marriage, death or dissolution of marriage. If your Will no longer reflects your wishes we will help you to amend your Will or to create a new Will when the existing one is not up to date.
We are happy to talk through your requirements and supply you with our Wills questionnaire that you can prepare in advance of any conversation that we have with you. This will help you think about the various requirements of making a Will.
It doesn’t need to be a complicated document but there are certain things that you should think carefully about.
Some laws allow your family (de facto partners, partners (civil union) or spouse (married), children and others) to bring a claim against your Estate. These include:
- the Property (Relationships) Act 1976 which governs relationship property;
- the Family Protection Act 1955 which allows claims to be brought when it is believed that adequate provision has not been made; and
- the Law Reform (Testamentary Promises) Act 1949 which enables someone to seek provision from an estate if a deceased promised to reward them for a service undertaken while they were alive, but failed to record this in their Will).
Whilst a Family Trust is not as common as they once were, special consideration needs to be given to ensure the longevity of a Family Trust (if this is what is intended). We will discuss this further with you.
This is a good time to cross off something that may have been on your mind for some time, giving you a little peace of mind.